It proposes to offer a four-year bachelor's degree in sports science and management with special emphasis on cricket.
Dhoni said that he was excited to be part of this initiative as it will give him the opportunity to meet and mentor young aspiring cricketers in, both, India and Australia.
"It is the perfect platform for me to give something back to the game," the 2011 World Cup winning skipper said.
The dream tie-up between CMICA and Rhiti Sports, with Dhoni as the mentor, is the result of the India captain becoming the global face of Secured Venture Capital, an Australian company headed by McDermott himself.
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Interestingly, Dhoni creates another landmark with this, becoming the first cricketer in the world to be associated with a venture capital firm.
"I wasn't very clear about the concept of venture capitalists initially," revealed Dhoni.
"I got to know about the risks involved in these kinds of ventures. You may do due diligence and extensive research but that does not mean you won't fail.
"This is what I liked most about it because in life also we take risks without knowing the outcome. It is this challenge that got me interested and helped me decide to become part of this great new initiative," Dhoni explained.